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New CEO Michael Corbat will cut 11,000 jobs, largely in Citi's global consumer banking division. The plan suggests Citi is hedging its strategy of being an omnipresent, upper-tier player in emerging markets.
December 5 -
Vikram Pandit may have saved Citigroup, but he was never a natural fit as its long-term leader. Now the board is betting Michael Corbat, a company lifer, has the chops.
October 16 -
Citi is touting all the bells and whistles of its newest outlet, but CEO Vikram Pandit had it right when he said that "ultimately, what makes for a smart bank is smart bankers."
December 16
Citigroup (NYSE: C) is retrenching from some of the wealthiest U.S. suburbs, abandoning part of its years-long efforts to cultivate affluent customers in areas including Main Line Philadelphia.
The New York bank this month said that it
The cuts come as new chief executive Michael Corbat
Citigroup representatives said Wednesday the bank's strategy remains unchanged. And its physical network has never been able to match the branch-on-every-corner dominance of rivals JPMorgan Chase (JPM) and Bank of America (BAC). But former CEO Vikram Pandit
Now Corbat is pulling back. While Citigroup will maintain branches within the Philadelphia city limits and in nearby New Jersey, it is closing 13 branches in suburbs including Villanova, Berwyn, Abington and Doylestown. (Last week, the bank closed a branch in Fairless Hills, Penn., near Trenton.)
Several of those towns are part of Bucks and Montgomery counties, which had median household incomes of $76,019 and $78,446 respectively between 2007 and 2011, according to the U.S. Census. That's more than twice as much as the median household income within Philadelphia over the same period: $36,957.
Citigroup spokeswoman Catherine Pulley said in an email that the bank is "continually acting on opportunities to optimize our branch network to best serve our clients. These actions include opening, renovating and in some instances closing or relocating branches. This is all part of our strategy to serve clients with excellence throughout the world's top cities such as Philadelphia."
The 13 branches will close on March 15. About 90 of Citigroup's 800 area employees will lose their jobs as a result of the closures, Pulley said.
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